Petco Health and Wellness Company, Inc. recently released its third Annual Environmental, Social, and Governance (ESG) Report. The report details the company’s progress in continuing to set the standard for responsible pet care, helping people thrive, and keeping the planet healthy. Petco’s commitment to meeting consumer demand for more sustainable pet products and services is rooted in purpose-driven performance, which contributed to net revenue growth in fiscal 2022.
Petco CEO Ron Coughlin stated, “Petco’s goal to be the most trusted resource in pet care is to improve lives by providing fully integrated service and premium, sustainable products pet lovers are looking for. It means continuing to deliver sustainable products and services, expanding access to pet health and wellness, or making visible progress in our diversity, equity and inclusion (DEI) efforts.”
In 2022, Petco’s net revenue increased 3.9% to $6 billion, up 18% from the previous year, adding nearly 1 million active customers to its base. Petco’s success since the ESG report is evidenced by financial performance and new pet parents joining the health and wellness company on a mission to improve lives.
Petco’s 2022 ESG report highlights its significant accomplishments. These include eliminating over 6 million single-use plastic bags from its own-brand supply chains, being ranked in the top 12% of North American retailers by S&P’s Global Corporate Sustainability Assessment (CSA), having 95% of Petco PetCare Center signs printed with more sustainable materials, producing approximately 780 MWh of electricity annually via its National Support Center solar panels, and being named to Newsweek magazine’s 2023 Most Responsible Companies.
Petco also places significant emphasis on helping people grow, and its report highlights such efforts. In 2022 alone, the company increased the base salary for all non-live employees to at least $15, kept employee medical benefits premiums flat for the third consecutive year, and announced new investments in employee benefits such as fertility, medical travel, and mental health. Additionally, the company expanded employee resource groups to foster engagement activities that improve cultural competencies and educate Petco partners (employees) on issues, and engaged members of affinity groups to deepen workplace connections.
Petco is also committed to responsible pet care and has set the standard for it. The company is the first pet retailer ever to earn the American Humane Certified™ seal and ensures that over 92% of aquatic life sold at Petco Petcare centers is aquaculture. Through its Think Adoption First program, Petco Petcare Center has partnered with Petco Love to help nearly 7 million pets find loving new homes to date.
Petco’s CEO, Dr. Sustainability Francesca Mahoney, stated, “By continuing to drive industry leadership through investment and innovation, we are committed to sustainable pet care. We are making strides to deliver on bold commitments, including our strategy to increase our product portfolio to 50% by the end of 2025. Our sustainability strategy is in direct response to customer demand for high-quality, sustainable products and services that improve the health and well-being of pets.”
To learn more about Petco’s ESG commitment and progress and to access the company’s ESG report and investor clip sheet, visit their website. Petco is a category-defining health and wellness company focused on pet care, offering merchandise, companion animals, grooming and training, veterinary hospitals, and mobile veterinary clinics. The company operates more than 1,500 pet care centers in the United States, Mexico, and Puerto Rico.